AXA to Raise Up to $2 Billion From AXA Equitable Holdings Shares Sale

   By Pietro Lombardi 
 

AXA SA (CS.FR) said Friday it would raise up to $2 billion from the sale of shares in its U.S. subsidiary AXA Equitable Holdings Inc. (EQH).

Roughly $1.2 billion should come from the sale of 60 million shares in its U.S. business, the French insurer said, adding that it gave the underwriters the option to buy additional shares in the company. The shares were priced at $20.25.

The insurance giant also said that AXA Equitable Holdings will buy 30 million of its own shares from AXA for roughly $600 million.

"The share buyback is subject to certain terms and conditions, including the successful completion of the offering," Axa said.

Once the shares sale and the buyback are completed, and assuming the underwriters exercise their option in full, the French company's proceeds should reach roughly $2 billion, while its stake in AXA Equitable Holdings should fall to roughly 57.5% from 72.2%.

J.P. Morgan, Morgan Stanley and Citigroup are acting as joint-lead bookrunning managers and underwriters for the offering. Barclays, BNP Paribas, Credit Agricole CIB, Goldman Sachs & Co. LLC, HSBC, Natixis, Societe Generale, BBVA, ING, and UniCredit Capital Markets are acting as joint bookrunning managers and underwriters for the offering. Lazard is acting as financial advisor to AXA in connection with the offering.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

November 16, 2018 01:46 ET (06:46 GMT)

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